Fred's to close all stores in 60 days, files for Chapter 11

The company had as many as 568 stores at the start of the year, but is now folding.

Author:
Tegna

Published:
12:19 PM EDT September 9, 2019

Updated:
12:19 PM EDT September 9, 2019

Discount retailer Fred's announced Monday it is filing for Chapter 11 bankruptcy protection and expects all of its stores to close in the next 60 days following liquidation sales.

“Despite our team’s best efforts, we were not able to avoid this outcome,” Fred's CEO Joe Anto said in a statement. “I want to thank all of our employees for their hard work and continued support of the Company as we wind-down our operations.”